Modernizing the business process through advanced reporting and visualization.

The insurance sector has welcomed the digitization phase with open arms. The "digital service" business model has brought about a revolutionary shift to the insurance industry. Be it a personalized premium or usage-based policy cover, analytics and automation have made a positive impact at the nuclear level.

With a transformed business model, the reimagining and personalization of products and services have become a necessity. The legacy solution system has been taken over by analytics-driven approaches. The claiming of insurance is taken care of by AI-enabled solutions. Similarly, advanced analytics and big data have proactively gained actionable insights from obtaining data exhaustively. In a recent trend, partnering with tech giants has simplified and improved the operational aspects of the insurance business.

About the Client

Our client is a Singapore-based leading insurance service provider organization. Though based out of Singapore, their presence in New Zealand & Australia is noteworthy. As part of their business strategy, our client is venturing into the areas of AI & Analytics-driven insurance solutions.

Being data-driven, managing the global financial & insurance operations with legacy solutions does not generate meaningful results. Being inclined towards analytics, the company is getting more focused towards an integrated solution that would manage financial and insurance-related tasks more efficiently. The company is looking forward to digitally transform the business landscape with a robust & integrated data solution.

The Business Challenges

The traditional way of dealing with business
problems fails in the long run Our Client faced similar challenges. The
roadblocks were as follows: -

The existing accounting solution was outdated and failed to meet scalability for better
results.

The reporting architecture failed to deliver real-time
intelligence, which in turn impacted business decision-making.

The manual procurement process delayed the annual reporting
of the organization. The availability of updated financial data was compromised.

Lack of transparency caused inefficiencies at the auditing
level. Also, the absence of flexibility limited the functionality of the
existing solution.